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Saving Account


Savings Account Interest Rates
Savings Account Interest Rate Offered
RBL Bank

6.05% p.a = Daily balance above Rs.10 lakhs

6.0% p.a = Daily balance above Rs.1 lakh

5.50% p.a = Daily balance upto Rs.1 lakh

Yes Bank

5% p.a = Saving Deposits Balance upto Rs. 1 lakh

6% p.a = Saving Deposits Between Rs. 1 lakh and Rs. 1 crore

6.25% p.a = Saving Deposits above Rs. 1 crore

Kotak Mahindra Bank

5% p.a = Saving Deposits Balance upto Rs. 1 lakh

6% p.a = Saving Deposits Between Rs. 1 lakh and Rs.1 crore

5.5% p.a = Saving Deposits between Rs.1 crore and Rs.5 crore

Lakshmi Vilas Bank

5.25% p.a = Daily Balance Upto Rs.5 lakh

6% p.a = Above Rs.5 lakh

IndusInd Bank

4% p.a = Daily balance upto Rs.10 lakh

5% p.a = Daily balance above Rs.10 lakh up to Rs.1 Crore

5.50% p.a = Daily balance above Rs.1 crore up to Rs.10 crore

6% p.a. = Daily balance above Rs.10 crore

Bandhan Bank

4% p.a = Daily balance upto Rs.1 lakh.

6% p.a = Daily balance above Rs.1 lakh up to Rs.10 crore.

6.55% p.a. = Daily balance above Rs.10 crore

HDFC Bank

4% p.a = Savings Account balance below Rs. 50 lakhs

4% p.a = Saving Account balance of and above Rs. 50 lakhs

Axis Bank

3.50% p.a = Savings Account balance below Rs. 50 lakhs

4.00% p.a = Saving Account balance of and above Rs. 50 lakhs

Why Open a Savings Account?

Savings accounts, as the name suggests, is a great way to save funds for the future. Excess funds can be kept aside and used when necessary. Here are a few reasons why opening a savings bank account is a good option:

  • Savings bank accounts offer an interest rate slightly higher than the rate of inflation, in order to keep the real value of money stable throughout the years.
  • Modern savings accounts are feature packed and offer quick links to pay bills, make quick transactions, etc. to the account holder as soon as he / she logs in to the account.
  • Savings accounts can help cover any unexpected expenses that may arise in future.
  • Holding a savings account helps improve financial stability since the funds in the account have limits on the number of withdrawals made against the account.
  • Banks customize savings accounts depending on the general type of usage the account witnesses in its lifetime.

How to Open a Savings Account at bankloanguru.com

A simple way of choosing and opening a savings account without having to undergo the rigorous process of researching bank accounts, or dealing with individual bank websites, is to use the Bankloanguru.com application service. The following steps can help find a savings account that would be most suitable:

  • Step 1: Log on to www.bankloanguru.com and select “Savings Account” from the “Investments” bar.
  • Step 2: You will be prompted to enter a few details like your gender, your city of residence, duration of employment, current salary, etc. in order to find a suitable account for a person of your description.
  • Step 3: The Bankloanguru tool will compute all the information you have provided in order to find you an unbiased list of the best savings bank accounts in your location, and ask if you wish to apply for any of them.
  • Step 4: Pick the account you like from different banks, furnish your contact details and personal information, and the bank will contact you to complete the process.

How to Open a Savings Account Offline?

While most bank related work happens online these days, some trips to the bank are absolutely unavoidable. In case you’re stuck without a portal through which to create a bank account online, you can follow these steps to open a savings bank account offline:

Step 1: Research different banks and their interest rates, find the one that best matches your specific requirements, if any, and the type of bank account you wish to open.

Step 2: Take a copy of your identity proof, two photographs, address proof, income / employment proof (if necessary), and age proof and head to the nearest branch of the bank in which you wish to create an account.

Step 3: Once at the bank, tell the clerk you wish to open a savings bank account, and he or she will hand you an account opening form.

Step 4: Fill out the form as required, and submit the same along with the copies of your identity proof, photographs, address proof, income / employment proof (if required), and age proof to the clerk.

Step 5: The clerk will then submit the application for processing and, depending on which bank you’ve chosen, your account will be opened and functional in any time between 1 and 12 working days.

How to Open a Savings Bank Account Online?

The simplest way to conduct banking operations is online, and opening a savings bank account is a very simple procedure:

Step 1: Research different banks and their interest rates, find the one that best matches your specific requirements, if any, and the type of bank account you wish to open.

Step 2: Log on to the website of the bank in which you wish to open your account. Note that not all banks have online account creation facilities.

Step 3: Fill out the online application form for the savings account that meets your needs and submit it along with a digital copy of identity proof, photographs, address proof, income / employment proof (if required), and age proof. Some banks may require you to submit physical copies of your documents for which they will send over an executive.

Step 4: Your details will be verified by the bank’s back-end team, and you will be able to start using your account almost instantly.